As a seasoned researcher with extensive experience in the crypto market, I have witnessed numerous price movements and trends over the years. The recent surge of around 17% in Bitcoin’s value within just one week is not an unfamiliar occurrence, but the intensity and rapidity of this price increase has piqued my interest.
Over the past week or so, approximately $9,000 worth of Bitcoin has been added to its value, representing a rise of roughly 17%.
Last weekend, the value of the asset hovered around the $60,000 mark. However, by July 22, it had reached a new height in the past six weeks, exceeding $68,000.
What has been driving market momentum for the past week, and will it continue?
Bitcoin Is Back
On July 22, according to industry research firm 10x Research, several factors contributed to the significant price increase of Bitcoin. Initially, there was a change in investor outlook as Bitcoin surpassed the crucial threshold at $61,133, transforming the market discourse from pessimistic to optimistic.
Retail trading was found to be a significant factor behind weekend rallies, as retail investors participated aggressively. This activity led to gains over the weekends and set the stage for positive momentum that continued into Mondays.
Over the past few days, I’ve observed Bitcoin making significant strides. Specifically, its value has increased by over 6% since last Friday. During the early hours of trading in Asia on Monday, this digital asset reached a new high for the past few weeks, touching $68,480.
After a four-week streak of $8 billion in net outflows from crypto markets, there was a reversal with $3.3 billion in inflows recorded during the previous week.
The increase we saw mainly from futures, stablecoins, and Bitcoin spot ETFs signaled a shift towards a more optimistic trend.
Last week, approximately $1.24 billion flowed into Bitcoin ETFs during the five trading days, according to CryptoPotato’s report.
10 Reasons Why #Bitcoin Surged 10%
From Monday July 15
Bitcoin’s value is highly responsive to shifting stories, gossip, and market conjecture. Over the past few days, there has been a notable increase of approximately 10% in its value, starting from last Friday. At first glance, it appeared:
— 10x Research (@10x_Research) July 21, 2024
The anticipation surrounding the upcoming Ethereum ETFs has fueled market growth as well. It’s expected that they will start trading on July 23. Nevertheless, Ethereum prices have seen a modest increase of 4.5% over the past week in comparison to Bitcoin’s more significant surge.
Analysts have hinted at the possibility of China adopting a friendlier approach towards cryptocurrencies. The regulations in Hong Kong may serve as a trial run for this shift in stance.
Moreover, the prospect of delaying crypto taxes in South Korea until 2028 has fueled increased trading activity, driven mainly by speculation.
Last week’s unexpectedly low Consumer Price Index (CPI) inflation figures acted as a bottom limit for Bitcoin prices, which had previously experienced a 20% decrease. In the upcoming week, the release of Personal Consumption Expenditures (PCE) inflation reports might add to the bullish trend.
The political landscape of the United States has significantly impacted the crypto market. Notably, an unsuccessful assassination attempt on former President Donald Trump and President Joe Biden’s decision to withdraw from the presidential race have strengthened investor confidence in the digital currency sector.
Bullish Week Ahead?
Markus Thilen, our research chief, expressed on July 22nd that this week might bring about increased energy or drive.
There are widespread reports that the Securities and Exchange Commission (SEC) could reach a resolution in a significant case, while former President Trump is slated to give an eagerly awaited speech in Nashville.
It’s been rumored that Donald Trump may declare Bitcoin as a part of the United States’ strategic reserves, potentially leading to a significant surge in its value.
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2024-07-22 09:59